The voluntary business is thriving and will continue for the foreseeable future. Brokers plan to start or expand their voluntary efforts across the board as 100 percent employer-paid business shrinks and gives up benefit market share.
As the industry marches forward, our definitions need to keep pace with marketplace developments.
In the early 1990s, Eastbridge created the standard industry definition of voluntary as “benefits that are 100 percent employee-paid and paid for through payroll deduction.” While that definition will work for the majority of sales for the next several years, the growth of defined contribution strategies will challenge the industry to update the definition when the time is right.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
